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To qualify for an FHA mortgage, at least 3 years must have elapsed since the date of your Foreclosure. All other judgments and liens must be paid off. You must also have reestablished good credit, and you cannot have any late payments on any accounts since the foreclosure.
To qualify for a conventional mortgage, At least 5 years must have elapsed since the date of your Foreclosure. All other judgments and liens must be paid off. You must also have reestablished good credit, and you cannot have any late payments on any accounts since the foreclosure. In addition, at least 10% down is required if your foreclosure was less than 7 years ago.
Note: These rules can change by the time you think you may be eligible to buy a home.
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hi, im looking into purchase foreclosed property,but i filed bankruptcy 8 months ago what to do?
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